Today, all businesses across different genres, sizes, and industries are looking forward to making an online presence in the best way possible. In times like these when everything has switched from offline to online, it is indeed all about the survival of the one which can transform itself digitally faster.
IDP or Intelligent Document Processing is known to be a set of solutions for businesses where automated documents are processed using deep learning tools. Unstructured data are extracted from documents by IDP, using AI, RPA bots, etc., and then converted into structured data. Using modern AI technologies, it can categorize, export, and extract relevant data for processing further.
IDP solutions are easily integrable and non-invasive into existing business platforms or systems, or applications. Potentially it can be used in archiving digital documents, detecting fraud, processing invoices, reviewing cases, and much more.
IDP goes through intelligent stages of data processing like pre-processing (de-skewing, binarisation, noise reduction), image processing, NLP (Natural Language Processing), assuring data integrity and accuracy, and finally integrating valid data.
What are the Benefits?
Here is the prominent list of benefits of using IDP during the whole process of digital transformation.
Increased efficiency and effectiveness:
It’s been a long time since organizations use slow, erroneous, and expensive manual documentation processes. Companies dealing with large, heavy documents like insurance agencies or banks put the manual documentation at high risk and costly and highly erroneous.
IDP can dramatically increase efficiency, decrease the number of errors, reduce time spent in documentation and expense of manual documentation, giving almost 99% accuracy.
IDP is taken to be a powerful solution in handling data exceptionally. For example, invoicing can contain high error percentages and other problems. But, using IDP can train the system to flag fraudulent information or errors. This can identify the issue in seconds and detect human intervention.
Improved Security and Compliance:
The excellent accuracy rate makes IDP an ideal solution for dealing with any document related to compliance or documents that deal with sensitive information like PII (personally identifiable information) or health records.
IDP being able to eliminate human needs for reviewing or opening or in handling any data of a document minimizes the threat of exposing sensitive data to some outside parties. Other than that, IDP helps in maximizing accuracy and streamlining regulatory reporting.
Enhanced Data Usability and Quality:
Most organization data is “dark data”, that is, data locked in PDFs, scanned documents, emails, or texts. IDP transforms the value of dark data into structured, high-quality data for primed analysis using AI tolls or RPA.
IDP Helps and Promotes Scale Automation:
IDP is a vital enabler of the end-to-end automation process. It includes tools like workflow management systems. IDP, being easily tied to any system or platform, links various systems together and automates complicated business processes and hyper-automation achievement.
Other than that, RPA and AI systems, such as cognitive technologies, need high-quality structured data for learning and operating. IDP or Intelligent Document Processing optimizes data in case of AI or RPA consumption by transforming unstructured data from documents into structured and clean data.